Spain Finally Demands for bailout of over €100bn.

Madrid : Spain | Jun 10, 2012 at 2:56 AM PDT

By Adebanjos

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Brussel, Belgium - After months of speculation, hope and denials, Spain has formally requested for a bailout package. After an emergency telephone conference of euro-zone finance minister yesterday, an official statement was issued saying that a larger sum of €100bn could be needed for Spain to refurbished its economy Said Luis de Guindos, economy minister.

Now that Spain has becomes the fourth member of the 17 nation euro-zone to get a bailout since the continent's debt crisis erupted two years ago, hope Spain can now used the bailout packages to help its struggling banks and property loans and assets problems.

But Luis de Guindos also caution, that he hope no further austerity measures would be attached as conditions for receiving the funds, that would be used expressly for the banks that needed them mostly, rather than to help cover Spain's public debt, which stood at a ratio of gross deomestic product, and it is lower than Germany's.

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Spanish Economy Minister Luis de Guindos insists "no external help is needed" to support the banks

Adebanjos is based in Seevetal, Niedersachsen, Germany, and is a Reporter for Allvoices.

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Post a Comment Comments: 34

Posted By

dewegy | 12 months ago

Good report thanks for sharing , rated up

Reply By

Adebanjos | 12 months ago

You are welcome back Dewegy, it's quit a while.

Posted By

Martin Kloess | 12 months ago

well written - thank you

Reply By

Adebanjos | 12 months ago

Thanks Kloess, nice to hear from you.

Posted By

Nina Rai | 12 months ago

Thanks for this excellent report.
Rated up.

Reply By

Adebanjos | 12 months ago

You're welcome Nina, and as usual thanks.

Posted By

iqbal_imran | 12 months ago

WEll reported. rated up

Reply By

Adebanjos | 12 months ago

Thanks iqbal, my appreciation.

Posted By

Adrian Holman | 12 months ago

Austerity doesn't work. Very soon, it will be all 17 nations in the Eurozone needing a bailout. If the EU was such a great thing, then why isn't Great Britain and Russia in it?

Reply By

Adebanjos | 12 months ago

As usual Adrain, you never ceased to embarrass yourself; since when did you study economics? talkless of expecting an approbate theory or comment from you. Anyway, I hope you had a nice time reading this article!

Posted By

Sabah Kashf | 12 months ago

Interesting updates on burning topic of Euro-zone crisis Adebanjos. Excellent Effort. Rated up.

Reply By

Adebanjos | 12 months ago

Yes Sabah, I thank you for your comment too.

Posted By

SofiaAmbrosia | 12 months ago

another dire situation! rated up.

Reply By

Adebanjos | 12 months ago

Surprise! Surprise Sofia!! nice having you back my friend.

Posted By

karasiwo | 12 months ago

nice reporting , rated up .

Reply By

Adebanjos | 12 months ago

Thanks a lot Karasiwo, I appreciate that feedback.

Posted By

TaufanTasch | 12 months ago

Thanks so much for sharing. Good report. Rated up!

Reply By

Adebanjos | 12 months ago

you welcome back Taufan, please do come back some other time for more.

Posted By

dewegy | 12 months ago

Thanks for this good report

Reply By

Adebanjos | 12 months ago

Once again dewegy, it so nice to see you.

Posted By

Elderly1933Extrovert | 12 months ago

You have encapsulated the problem in your report Ade. Rated up.

Reply By

Adebanjos | 12 months ago

Thanks Elderly1933, I regard your wonderful feedback.

Posted By

Bea_Shaylee_Sayers | 12 months ago

Hopefully, Spain will fare better than Greece. Let's also watch how Portugal will manage its crisis.

Reply By

Adebanjos | 12 months ago

You're right, lets just that Portugal can still hold on and solve their problem. Anyway Bea thanks for the feedback!

Posted By

ken_nic2009 | 12 months ago

thanks for sharing this article. rated up.

Reply By

Adebanjos | 12 months ago

thanks Ken_nic2009, I appreciate your comment.

Posted By

manilatop10 | 12 months ago

Excellent update. Recently saw a lot of the underused projects in Spain such as swimming pools & public rail and it should be good for the Euro and keep global domino effects from starting anew? Rated UP.

Posted By

Falconcrest | 11 months ago

Good report thanks for sharing rated up

Posted By

ken_nic2009 | 11 months ago

thanks for sharing this information. rated up.

Posted By

atifji75 | 11 months ago

Excellent Job And Thanks for Sharing. Rated up.

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